Crude oil is consolidating lower on profit taking. Hourly support is given at 45.40 (24/07/2017 low). Strong resistance can be found at 50.41 (31/07/2017). Expected to show further consolidation before another leg higher.
In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).
